Penumbra, Inc. Reports Third Quarter 2026 Financial Results

Quarterly revenue increased 15.6%, but higher expenses and income taxes accompanied a decline in net income.

Rhea-AI Summary

Penumbra (NYSE: PEN) reported third-quarter 2026 revenue of $410.1 million, up 15.6% from the same quarter a year earlier. Thrombectomy revenue rose 18.1% to $279.2 million, while embolization and access revenue increased 10.8% to $131.0 million. Gross margin reached 68.3%, versus 67.8% a year earlier.

Operating income increased to $50.739 million from $48.838 million, but net income fell to $42.279 million from $45.851 million. Diluted earnings per share declined to $1.07 from $1.17. Operating expenses rose to $229.564 million from $191.578 million, including $7.1 million in acquisition-related expenses. Penumbra said its pending acquisition by Boston Scientific (NYSE: BSX) is the reason it will not provide full-year 2026 guidance or host a quarterly results call. Nine-month revenue rose 15.4% to $1.175 billion, while net income fell to $109.674 million from $130.344 million.

Positive

• Minor pointQ3 revenue rose 15.6% year over year to $410.1 million.
• Minor pointQ3 thrombectomy revenue increased 18.1% year over year to $279.2 million.
• Minor pointQ3 embolization and access revenue grew 10.8% year over year to $131.0 million.
• Minor pointQ3 U.S. venous thromboembolism revenue increased 26.0% year over year.
• Minor pointQ3 U.S. neuro revenue rose 19.3% year over year to $77.9 million.

14 minor points

• Minor pointQ3 U.S. revenue increased 17.9% year over year to $324.248 million.
• Minor pointQ3 international revenue grew 7.8% year over year to $85.897 million.
• Minor pointQ3 gross margin reached 68.3%, compared with 67.8% a year earlier.
• Minor pointQ3 operating income increased to $50.739 million from $48.838 million a year earlier.
• Minor pointQ3 interest and other income, net, rose to $5.577 million from $3.487 million a year earlier.
• Minor pointNine-month revenue increased 15.4% year over year to $1,174.949 million.
• Minor pointNine-month thrombectomy revenue grew 14.3% year over year to $792.055 million.
• Minor pointNine-month embolization and access revenue rose 17.8% year over year to $382.894 million.
• Minor pointNine-month U.S. revenue increased 16.8% year over year to $926.080 million.
• Minor pointNine-month international revenue grew 10.3% year over year to $248.869 million.
• Minor pointNine-month gross profit increased to $798.658 million from $680.309 million a year earlier.
• Minor pointNine-month interest and other income, net, rose to $14.179 million from $11.477 million a year earlier.
• Minor pointCash and cash equivalents increased to $254.282 million at September 30, 2026, from $186.897 million at year-end 2025.
• Minor pointMarketable investments increased to $419.330 million at September 30, 2026, from $357.919 million at year-end 2025.

Negative

• Minor pointQ3 net income fell to $42.279 million from $45.851 million a year earlier.
• Minor pointQ3 diluted earnings per share declined to $1.07 from $1.17 a year earlier.
• Minor pointQ3 research and development expenses rose to $25.361 million from $22.677 million a year earlier.
• Minor pointQ3 selling, general and administrative expenses rose to $204.203 million from $168.901 million, including $7.1 million in acquisition-related expenses.
• Minor pointQ3 income tax provision increased to $14.037 million from $6.474 million a year earlier.

7 minor points

• Minor pointNine-month net income declined to $109.674 million from $130.344 million a year earlier.
• Minor pointNine-month diluted earnings per share fell to $2.77 from $3.32 a year earlier.
• Minor pointNine-month operating income edged down to $130.012 million from $130.016 million a year earlier.
• Minor pointNine-month research and development expenses increased to $73.139 million from $67.972 million a year earlier.
• Minor pointNine-month selling, general and administrative expenses rose to $595.507 million from $482.321 million a year earlier.
• Minor pointNine-month income tax provision increased to $34.517 million from $11.149 million a year earlier.
• Minor pointBoston Scientific's acquisition of Penumbra remains pending.

News Explained

The quarter-end balance sheet adds a liquidity snapshot: Penumbra reported cash and equivalents of $254,282 thousand and marketable investments of $419,330 thousand at September 30, 2026, versus $186,897 thousand and $357,919 thousand, respectively, at December 31, 2025.

Key Figures

Revenue: $410.1 million; +15.6% Global thrombectomy revenue: $279.2 million; +18.1% Global embolization and access revenue: $131.0 million; +10.8% +5 more

Revenue

$410.1 million; +15.6%

Q3 2026 vs. Q3 2025

Global thrombectomy revenue

$279.2 million; +18.1%

Q3 2026 vs. Q3 2025

Global embolization and access revenue

$131.0 million; +10.8%

Q3 2026 vs. Q3 2025

Gross profit margin

68.3%

Q3 2026; reported increase of 0.5% vs. Q3 2025

Total operating expenses

$229.6 million

Q3 2026

Acquisition-related expenses

$7.1 million

Included in Q3 2026 SG&A; associated with the pending Boston Scientific acquisition

Income from operations

$50.7 million

Q3 2026; compared with $48.838 million in Q3 2025

Net income

$42.3 million

Q3 2026; compared with $45.851 million in Q3 2025

Previous Earnings Reports

1 past event · Latest: Jul 30

Same Type 1 event

1. Jul 30

   Quarterly earnings

   24h Move

   +1.6%

   Penumbra reported Q2 revenue growth and segment results, with acquisition-related expenses and no 2026 guidance.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

thrombectomy, venous thromboembolism, ischemic stroke, pulmonary embolism, +1 more

5 terms

thrombectomy medical

"Global thrombectomy revenue of $279.2 million"

A thrombectomy is a medical procedure that physically removes a blood clot from an artery or vein to restore normal blood flow, much like clearing a clogged pipe so fluids can pass again. For investors, thrombectomy matters because demand, device approvals, clinical results, and insurance coverage for these procedures affect sales and profitability of medical-device makers, hospitals’ treatment mix, and the outlook for companies developing related drugs or technologies.

venous thromboembolism medical

"venous thromboembolism such as pulmonary embolism"

Venous thromboembolism is a medical condition in which a blood clot forms in a vein, often starting in the leg (a deep vein thrombosis) and sometimes breaking off to block blood flow in the lung (a pulmonary embolism). It matters to investors because VTE drives demand for diagnostics, treatments and hospital services, influences regulatory reviews and liability risk for healthcare firms, and can affect costs and revenue forecasts much like a sudden traffic jam disrupts movement and operations in a supply network.

ischemic stroke medical

"medical conditions such as ischemic stroke"

An ischemic stroke occurs when a blood vessel supplying the brain is blocked, cutting off oxygen and nutrients to part of the brain — like a kinked garden hose that stops water flow. It matters to investors because its incidence and outcomes drive demand for drugs, emergency devices, diagnostic tools, rehabilitation services and clinical trials; changes in treatment effectiveness, approvals or costs can materially affect healthcare companies and insurers.

pulmonary embolism medical

"venous thromboembolism such as pulmonary embolism"

A pulmonary embolism is a sudden blockage in a lung blood vessel, usually caused by a blood clot that traveled from elsewhere in the body; think of it like a kink in a hose that prevents water from reaching its destination. It matters to investors because it can create urgent medical costs, affect workforce availability, trigger safety concerns in clinical trials or products, and prompt regulatory scrutiny or liability claims that may influence a company’s finances and stock price.

acute limb ischemia medical

"and acute limb ischemia"

Acute limb ischemia is a sudden, severe reduction in blood flow to an arm or leg caused by an arterial blockage (from a blood clot, embolus, or abrupt worsening of chronic narrowing). The lack of oxygen and nutrients can quickly damage muscle, nerve, and skin tissue; symptoms typically include sudden pain, pallor, coolness, numbness or weakness, and absent or diminished pulses in the affected limb. Treatment aims to restore blood flow promptly — commonly by anticoagulation, clot removal (thrombectomy or embolectomy), or catheter-based thrombolysis — because delays increase the risk of permanent tissue loss or amputation.

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ALAMEDA, Calif., Oct. 29, 2026 /PRNewswire/ -- Penumbra, Inc. (NYSE: PEN), the world's leading thrombectomy company, today reported financial results for the third quarter ended September 30, 2026.

• Revenue of $410.1 million in the third quarter of 2026, an increase of 15.6% compared to the third quarter of 2025.
    
• Global thrombectomy revenue of $279.2 million in the third quarter of 2026, an increase of 18.1% compared to the third quarter of 2025. U.S. VTE revenue increased 26.0% compared to the same period a year ago.
    
• Global embolization and access revenue of $131.0 million in the third quarter of 2026, an increase of 10.8% compared to the third quarter of 2025.
    
• U.S. neuro revenue of $77.9 million in the third quarter of 2026, an increase of 19.3% compared to the third quarter of 2025.
    
• Gross profit margin of 68.3% in the third quarter of 2026, an increase of 0.5% compared to the third quarter of 2025.
    
• Total operating expenses of $229.6 million in the third quarter of 2026, comprised of R&D of $25.4 million and SG&A of $204.2 million, which includes $7.1 million of acquisition-related expenses associated with the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation.
    
• Income from operations of $50.7 million and net income of $42.3 million in the third quarter of 2026.

Full Year 2026 Financial Outlook and Webcast and Conference Call Information

Given the pending acquisition of Penumbra, Inc. by Boston Scientific Corporation (NYSE: BSX), the Company will not be providing financial guidance for the full year 2026 or hosting a conference call to discuss financial results for the three months ended September 30, 2026.

About Penumbra

Penumbra, Inc., the world's leading thrombectomy company, is focused on developing the most innovative technologies for challenging medical conditions such as ischemic stroke, venous thromboembolism such as pulmonary embolism, and acute limb ischemia. Our broad portfolio, which includes computer assisted vacuum thrombectomy (CAVT), centers on removing blood clots from head-to-toe with speed, safety and simplicity. By pioneering these innovations, we support healthcare providers, hospitals and clinics in more than 100 countries, working to improve patient outcomes and quality of life. For more information, visit www.penumbrainc.com and connect on Instagram, LinkedIn, and X.

Forward-Looking Statements

Except for historical information, certain statements in this press release are forward-looking in nature and are subject to risks, uncertainties and assumptions about us. Our business and operations are subject to a variety of risks and uncertainties and, consequently, actual results may differ materially from those projected by any forward-looking statements. Factors that could cause actual results to differ from those projected include, but are not limited to: the risk that the pending acquisition by Boston Scientific Corporation will not be completed in the expected timeframe or at all, including the risk that required regulatory approvals will not be obtained; potential adverse effects to our business during the pendency of the acquisition, such as employee departures or diversion of management's attention from our business; failure to sustain or grow profitability or generate positive cash flows; failure to effectively introduce and market new products; delays in product introductions; significant competition; inability to further penetrate our current customer base, expand our user base and increase the frequency of use of our products by our customers; inability to achieve or maintain satisfactory pricing and margins; manufacturing difficulties; permanent write-downs or write-offs of our inventory or other assets; product defects or failures; unfavorable outcomes in clinical trials; inability to maintain our culture as we grow; fluctuations in foreign currency exchange rates; potential adverse regulatory actions; and the potential impact of any acquisitions, mergers, dispositions, joint ventures or investments we may make. These risks and uncertainties, as well as others, are discussed in greater detail in our filings with the Securities and Exchange Commission ("SEC"), including our Annual Report on Form 10-K for the year ended December 31, 2025 filed with the SEC on February 25, 2026. There may be additional risks of which we are not presently aware or that we currently believe are immaterial which could have an adverse impact on our business. Any forward-looking statements are based on our current expectations, estimates and assumptions regarding future events and are applicable only as of the dates of such statements. We make no commitment to revise or update any forward-looking statements in order to reflect events or circumstances that may change.

Penumbra, Inc. Condensed Consolidated Balance Sheets (unaudited) (in thousands)
		September 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents		$           254,282		$           186,897
Marketable investments		419,330		357,919
Accounts receivable, net		195,216		190,021
Inventories		459,132		431,549
Prepaid expenses and other current assets		48,671		50,298
Total current assets		1,376,631		1,216,684
Property and equipment, net		156,443		117,436
Operating lease right-of-use assets		164,346		173,587
Finance lease right-of-use assets		23,510		25,972
Intangible assets, net		5,549		6,186
Goodwill		166,479		166,750
Deferred taxes		79,221		79,188
Other non-current assets		52,924		40,716
Total assets		$         2,025,103		$         1,826,519
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable		$             41,961		$             34,736
Accrued liabilities		174,767		132,163
Current operating lease liabilities		14,706		13,841
Current finance lease liabilities		2,376		2,393
Total current liabilities		233,810		183,133
Non-current operating lease liabilities		173,277		182,751
Non-current finance lease liabilities		19,031		20,714
Other non-current liabilities		15,476		12,318
Total liabilities		441,594		398,916
Stockholders' equity:
Common stock		39		39
Additional paid-in capital		1,236,068		1,185,525
Accumulated other comprehensive income		37		4,348
Retained earnings		347,365		237,691
Total stockholders' equity		1,583,509		1,427,603
Total liabilities and stockholders' equity		$         2,025,103		$         1,826,519

 

Penumbra, Inc. Condensed Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts)
		Three Months Ended September 30,				Nine Months Ended September 30,
		2026		2025		2026		2025
Revenue		$       410,145		$       354,685		$     1,174,949		$     1,018,280
Cost of revenue		129,842		114,269		376,291		337,971
Gross profit		280,303		240,416		798,658		680,309
Operating expenses:
Research and development		25,361		22,677		73,139		67,972
Sales, general and administrative		204,203		168,901		595,507		482,321
Total operating expenses		229,564		191,578		668,646		550,293
Income from operations		50,739		48,838		130,012		130,016
Interest and other income, net		5,577		3,487		14,179		11,477
Income before income taxes		56,316		52,325		144,191		141,493
Provision for income taxes		14,037		6,474		34,517		11,149
Net income		$         42,279		$         45,851		$       109,674		$       130,344
Net income per share:
Basic		$            1.07		$            1.17		$            2.79		$            3.36
Diluted		$            1.07		$            1.17		$            2.77		$            3.32
Weighted average shares outstanding:
Basic		39,402,195		39,078,378		39,344,326		38,827,038
Diluted		39,620,298		39,302,239		39,598,030		39,250,680

 

Penumbra, Inc. Reconciliation of Revenue Growth by Geographic Regions (unaudited) (in thousands, except for percentages)
		Three Months Ended September 30,				Change
		2026		2025		$		%
United States		$     324,248		$     275,029		$      49,219		17.9 %
International		85,897		79,656		6,241		7.8 %
Total		$     410,145		$     354,685		$      55,460		15.6 %
		Nine Months Ended September 30,				Change
		2026		2025		$		%
United States		$     926,080		$     792,707		$    133,373		16.8 %
International		248,869		225,573		23,296		10.3 %
Total		$   1,174,949		$   1,018,280		$    156,669		15.4 %

 

 

Penumbra, Inc. Reconciliation of Revenue Growth by Product Categories (unaudited) (in thousands, except for percentages)
		Three Months Ended September 30,				Change
		2026		2025		$		%
Thrombectomy		$     279,157		$     236,422		$      42,735		18.1 %
Embolization and Access		130,988		118,263		12,725		10.8 %
Total		$     410,145		$     354,685		$      55,460		15.6 %
		Nine Months Ended September 30,				Change
		2026		2025		$		%
Thrombectomy		$     792,055		$     693,222		$      98,833		14.3 %
Embolization and Access		382,894		325,058		57,836		17.8 %
Total		$   1,174,949		$   1,018,280		$    156,669		15.4 %

 

 

Investor Relations
Penumbra, Inc.
investors@penumbrainc.com

 

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SOURCE Penumbra, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Penumbra's third-quarter 2026 revenue and earnings?

Penumbra reported $410.1 million in revenue and $1.07 in diluted earnings per share for the third quarter of 2026. Revenue increased 15.6% year over year, while diluted earnings per share declined from $1.17. Net income was $42.279 million, compared with $45.851 million a year earlier.

Why is Penumbra not providing full-year 2026 guidance or holding an earnings call?

Penumbra said its pending acquisition by Boston Scientific is the reason it will not provide full-year 2026 financial guidance or host a conference call discussing results for the three months ended September 30, 2026.